Global Smart Hearings Aids Market Analysis by Product type (In the Ear Hearing Aids, Receiver in the Ear Hearing Aids, Behind the Ear Hearing Aids, and Canal Hearing Aids); by Patient type (Adult, and Pediatric); by Technology Type (Analog, and Digital); and by Type of Hearing Loss (Sensorineural Hear Loss, and Conductive Hear Loss) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033 In the News
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Starkey is proud to serve as the exclusive global supplier of hearing instruments for the Special Olympic Healthy Athletes. Starkey Cares and Special Olympics International partnership increases access to hearing health services worldwide for individuals with intellectual disabilities.
Philips Hearlink users can now enjoy the ease of hands-free communication. Philip Hearlink hearing aids can now be used as a wireless headset for phone and video calls on iPhones and iPad.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~8% |
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Base Year Market Size (2022) |
~ USD 10 Billion |
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Forecast Year Market Size (2033) |
~ USD 24 Billion |
The global smart hearing aids market is estimated to garner a revenue of USD 24 Billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 10 Billion in the year 2022. The growth of smart hearing aids market is primarily attributed to the increasing prevalence of hearing loss and technological advancements in hearing aid devices. According to World Health Organization (WHO), Over 5% of the world’s population, around 430 million people require rehabilitation to address their ‘disabling’ hearing loss (432 million adults and 34 million children). It is estimated that by 2050 over 700 million people will have disabling hearing loss.
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The smart hearing devices are designed to transmit sound from the environment into the ear by making it louder, helping deaf people. The global smart hearing aids market trends such as, a higher number of untreated hearing disabilities boosting the demand for hearing rehabilitation. According to World Health Organization, by 2050 nearly 2.5 billion people are projected to have some degree of hearing loss and at least 700 million will require hearing rehabilitation.
Global Smart Hearing Aids Market: Growth Drivers and Challenges
Growing prevalence of Hearing Loss – According to the National Institute on Deafness and Other Communication Disorders (NIDCD), about 2% of adults aged 45 to 54 have disabling hearing loss. The rate increases to 8.5% for adults aged 55 to 64. Nearly 25% of those aged 65 to 74 and 50 percent of those who are 75 and older have disabling hearing loss.
Increasing Geriatric Population with Significant Hearing Disability - By 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
Perforation of Personal Audio Devices - It is estimated that more than 50% of the global population aged between 12 to 35 is going to be exposed to unsafe degrees of hearing loss on account of the higher utilization of personal audio devices.
Favorable Government Initiative – In October 2021, the FDA proposed a plan to establish a new type of low cost over the counter hearing aids. Government and regulatory support of this magnitude is expected to have a long - term beneficial impact for the hearing aids industry in the United States.
The global smart hearing aids market is segmented and analyzed for demand and supply by hearing loss into sensorineural hear loss and conductive hear loss, out of which, the sensorineural hear loss segment is attributed to garner the highest market share by 2033. Owing to the increasing geriatric population across the globe. According to the data published by NIDCD, approximately one in three people in the United States between the ages of 65 and 74 has hearing loss, and nearly half of those older than 75 have difficulty hearing.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global smart hearing aids market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be attributed to the high incidence rate of hearing loss in the US and the increased adoption of hearing aids. According to the reports published by NIDCD, 1 in 8 people in the United States (13%) aged 12 years or older has hearing loss in both ears.
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The global smart hearing aids market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart hearing aids market includes the following segments:
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By Product Type |
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By Type of Hearing Loss |
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By Patient Type |
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By Technology Type |
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Ans: Growing prevalence of hearing loss and incorporation of digital smart technologies are the major factors of the growth of the global smart hearing aids market.
Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.
Ans: Low acceptance rate and manufacturing defect are determined to be affecting the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are MED-EL, Benson Hearing, Sivantos pvt. Ltd., William Demat Holdings A/S, Phonak, GN Store Nord A/S, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, technology type, type of hearing loss, patient type, and by region.
Ans: The sensorineural hearing loss segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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